CenterOak, Monomoy and Wynnchurch have made investments in the space

Owens Corning (NYSE: OC), the fiberglass insulation maker, is acquiring InterWrap, manufacturer of roofing and packaging materials, for $450 million in a deal expected to close by July 1.

InterWrap will strengthen the market position of Toledo, Ohio-based Owens Corning in roofing components, says Brian Chambers, president of Owens Corning’s roofing and asphalt business. In addition to insulation, Owens Corning makes roofing and fiberglass composites, generating sales of $5.4 billion in 2015.

InterWrap, based in Vancouver, British Columbia, also has operations in the U.S., India and China. The company had sales of $250 million in 2015. Its primary products are synthetic roofing underlayment and lumber and metal packaging products.

Monthly figures on U.S. housing starts have been trending up, reaching an annualized rate of 1.17 million in December 2015, the highest point since 2008, according to the U.S. Department of Commerce. Several middle-market buyers have sought to take advantage of the housing construction trends in their recent deals.